EarnIn: The way to drop the debt and gain financial freedom

EarnIn has abolished $10.6 million worth of consumer debt for Atlanta residents, impacting more than 8,800 locals across the Atlanta metro area.

Why it's important: Georgia residents hold $6,265 on average in credit card debt — and the state ranks the eighth-highest in the country for personal debt.

How it's done:

• Debt relief recipients have household incomes of less than $100,000 annually — and more than 90% of the debt is less than seven years old and still active on credit history.
• The positive news: Residents whose debt has been abolished received a letter, email and text on or around June 4.

Plus, plus, plus: Georgia also leads in auto loans over 90 days in delinquency, achieving a rate 30% higher than the national average.

Debt is a massive barrier to financial freedom, forcing too many people to make difficult trade-offs between today's needs and tomorrow's dreams.

• With American household debt totaling more than $17.5 trillion at the end of Q1 2024, it's clear people still face an uphill battle.
• Because of rising inflation, cost of living and daily expenses, the prospect of paying down debts is becoming insurmountable for millions of Americans.

The impact: Frederick of Atlanta had a $17,933 auto loan forgiven, which he believes will positively impact his credit score moving forward. This debt was the biggest obstacle holding down his score, and now he feels he can make progress again.

• Thanks to EarnIn's support, ForgiveCo informed Frederick that the debt was paid off.
• The strategy: EarnIn partnered with ForgiveCo to help forgive accounts in collections by purchasing the debt, enabling debt collectors to pull the bad mark from the account owner's credit report.

Looking ahead: EarnIn's financial products help consumers address the U.S. debt crisis head-on by providing access to liquidity without creating more debt.

Besides financial progress, debt impacts self-esteem and mental health as cultural stigmas perpetuate feelings of shame, worthlessness and helplessness — but EarnIn can help.

How it's done: EarnIn is the original same-day pay app with everything you need to make the most of your money for today and tomorrow.

More than 60% of Americans live paycheck-to-paycheck, working to balance everyday expenses while planning for what's next — so 10 years ago, EarnIn set out to close that gap with a first-of-its-kind way to get paid as you work.

• Through its flagship product Cash Out, EarnIn provides customers with a safe, low-risk way to access money they've already earned without having to wait for payday.
• Today, millions of people use EarnIn to make the most of their pay and keep their finances on track by paying bills on time or avoiding late fees.

Because when your money moves more freely, so can you.

Here's what else:

• The percentage of EarnIn customers who could afford a $400 emergency increased by 233% after gaining access to EarnIn, relative to before.
• 58% can budget more effectively.
• 60% can now pay bills on time.
• 81% experience less financial stress

The takeaway: Debt hinders people from planning for their futures. Living with it forces spending cuts on necessities and taking on additional debt in the short term to make ends meet.

• Plus, debt delays goals like building savings, buying a home or investing in education.

Get involved: Explore your options and find relief with EarnIn.